Oil settles up 1% as OPEC report dampens demand concerns

After 131 past bullish report events, Crude Oil (WTI) moved a median +1.2% over 5 sessions (60% higher; middle half -1.3% to +3.4%), and +2.9% over 20.

• Sep 12, 2017Oil edges up as OPEC output falls, offsets hurricane concerns+3.8%
• Aug 31, 2021OPEC+ sees tighter oil market until May 2022 | Reuters-1.2%
• Aug 25, 2021U.S. crude inventories fall as demand hits highest since March 2020 - EIA | Reuters+1.4%
• Mar 31, 2023OPEC oil output falls on Angola, Iraq outages - Reuters survey+8.6%
• Oct 24, 2018U.S. oil prices up after sharp drop in fuel stocks | Reuters-0.4%

After 116 past bullish report events, Crude Oil (Brent) moved a median +1.3% over 5 sessions (66% higher; middle half -1.0% to +3.1%), and +2.0% over 20.

• Mar 14, 2024IEA raises oil demand outlook again but still lags OPEC | Reuters+2.2%
• Sep 12, 2017Oil edges up as OPEC output falls, offsets hurricane concerns+2.7%
• Aug 31, 2021OPEC+ sees tighter oil market until May 2022 | Reuters-0.4%
• Aug 25, 2021U.S. crude inventories fall as demand hits highest since March 2020 - EIA | Reuters+2.9%
• Mar 31, 2023OPEC oil output falls on Angola, Iraq outages - Reuters survey+8.8%